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A mortgage is taken out for $80000. It is to be paid by annual installments of$5000 with the first payment being made at the end of the first year that the mortgage is taken out. Interest of 4% is then charged on any outstanding debt. Find the total time taken to pay off the mortgage. Please explain in details.

Note by Md Shajedul Ananda
2 years, 7 months ago

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16 years · 2 years, 7 months ago

Sorry to say the correct answer is 25 years. But I don't know how to do it though. It's from a book that's why I know the answer. · 2 years, 7 months ago